Elevation Healthcare Core Plus (EHCP), a real estate fund advised by Elevation, has acquired care homes in Staffordshire and Lincolnshire.
The acquired home in Leek, Staffordshire is Hen Cloud House, a 66-bed care home which is let to a subsidiary of Borough Care. The vendor is LNT Construction.
Borough Care is a not-for-profit operator in the Greater Manchester area providing care for nearly 500 residents.
LNT recently completed construction of the property which is ready to open. Hen Cloud House has en suite wetrooms and good environmental credentials. The property, which will create 60 to 80 jobs, will be let on a long-term lease with RPI-linked escalator with cap and collar.
Andrea Auteri, managing partner at Elevation said: “We are thrilled to begin a new partnership with Borough Care as we begin deployment of our newly raised core plus fund. Borough Care is a leading regional operator with a standout attitude towards care and well-being, continuing to deliver best-in-class care throughout the pandemic. LNT have constructed a first-class property for Borough Care to operate.”
Dermot Callinan, director at LNT added: “The team at LNT are proud to have created a safe and luxurious home environment for our friends at Borough Care. We are committed to fulfil our mission to provide every elderly person in the UK with a quality place to live.”
EHCP also completed the sale and leaseback transaction of Lindsey Hall Care Home, a 74-bed care home in Cleethorpes, Northeast Lincolnshire. The home will continue to be operated by Yorkare Homes, a family-owned operator in the Northeast of England, predominately in Yorkshire and Northeast Lincolnshire, which cares a for nearly 400 residents.
Lindsey Hall Care Home has en suite wetrooms, provides 80 jobs, and will be let on a long-term lease with RPI-linked escalator with cap and collar.
Laurence Garton, Yorkare development director said: “We are looking forward to continuing to deliver the high standard of care at Lindsey Hall. It is an exciting time for us as we begin this partnership with Elevation and create a new avenue for our business to grow.”
Estate agent Knight Frank advised LNT and Yorkare on their transactions.
Commercial real estate services and investment firm CBRE represented EHCP on the Lindsey Hall acquisition.
Both homes form part of a seed transaction for a new core plus fund managed by Elevation. EHCP said it aims to invest in future-proof healthcare real estate on long-term leases with infrastructure characteristics, environmental sustainability and a positive impact on the local community. EHCP added it will pursue further transactions and has a growing exclusive pipeline of future potential investments.
Date published: February 26, 2021